Increase in inheritance tax payments in last tax year

Inheritance tax payments in 2013/14 came close to pre-recession levels according to figures released by HMRC, with revenue increasing by 8.6 per cent on the previous year.

There was a total of £3.4billion of inheritance tax paid in Northern Ireland and the rest of the UK, with rising house prices considered to have pushed more people into the higher bracket of inheritance tax payments. The 8.6 per cent growth in revenue from inheritance tax is higher than the previous two tax years, and not far off the peak of £3.83billion which was paid in 2007/08.

The freezing of the inheritance tax threshold at £325,000 in April 2009 has also contributed to more estates paying tax, though there have been promises by political parties to increase the threshold, with the Conservatives suggesting it would be more than tripled to £1million.

If you require inheritance tax advice, or information on any other matter relating to estate planning, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9293.